Yes, you read it right. If you continue to work in a 9-to-5 job throughout your career, you shall most likely not end up being rich or happier in your life. I am not exaggerating but it is true for most of us unless you are extremely lucky with some windfall gains or get to work in higher management positions.
First, let’s agree upon on a common definition for the two subjective terms – “Money Rich” and “Happiness”.
I love this definition of Money from Harv Eker.
The quantity of money to be considered sufficient (in other terms – Rich) would vary between us but we need to agree on that the state of being sufficient is what is richness about.
You need to measure your aspirations for not just the present or the near future but for your retirement days as well.
For the sake of this article, let us consider “Happiness” in discrete terms rather than relating it to the money.
- Are you positively eager to get back to work every morning?
- Do you get quality time after your day job to play with kids and spend time with the family?
- Do you spend vacations with your loved ones with no holds barred?
- Can you enjoy your meal or dinner without any concerns of meetings or commitments?
It is tough to say “yes” for each of these questions. I have been through these situations and have realized that the 9-to-5 job pushes you to the wall demanding every bit of your time.
Why would you or anyone prefer a 9-to-5 job?
Here are the some of the factors –
The ritual of getting up every weekday and going to work throughout the career has ended with the past generation. It would be a false assumption that a 9-to-5 job guarantees security. With the current business economics, even if you are the blue-eyed employee of your company there is no assurance that you will continue to work for the company.
– Have you planned for the income when you are jobless?
– With your current skills, how early can you get a new job with similar income?
Stable source of income
There is no denial that 9-to-5 job provides salary as a stable source of income. This is one factor that holds you back to think otherwise.
However, you need to think beyond the obvious.
– Are you being paid less for your skills in your current job?
– Can you earn more for your skills without a 9-to-5 job?
Well defined structure for career progression
You loved promotions, right? who would not? You may not realize that these ladders or designations are requirements for the business rather than for your career progression. Businesses need individuals with required skills and defined pay grades for different business functions.
– Do you need to work hard to get successful for this narrow prism of success?
– Can you consider yourself successful without the promotions and the associated petty income increments?
Did you end up with a 9-to-5 job by following the herd? Indeed, most of us end up with a 9-to-5 job just because we are not aware of other options. You are forced into Rat races right from the schools to the careers that you opt. Unfortunately, you will begin to realize this misery much later in your life.
Tough questions that you need to think over.
– Do you enjoy your work at the 9-to-5 job?
– Have you explored by following your passions? You may not have been able to earn any money but you would love to work on them.
Well, that’s a lot of questions for you, now here is the data to help you make an opinion.
Does 9-to-5 job make you Money Rich?
Short answer: Never
The concept of the 9-to-5 job or 40hrs/week has not been inherited for centuries but was possibly practiced since the age of industrial revolution. On the factory floor, all work is treated as equal. In the view of business, you are no better than any of your colleagues. You are paid the same salary as others or in any case of top performers, a couple of percentages higher than the Median salary. To grow rich, you start saving a part of your salary but historically, there has been no reference of an individual growing rich with just saving his income.
This compensation model continues to be practiced by businesses in this 21st century. However, the Internet economy provides you with numerous options to break out of these restrictions and make a difference for yourself.
Here is the Forbes list of current rich individuals. These individuals would never get into this list with just a 9-to-5 job.
Your 9-to-5 job makes you happy?
My answer: Mostly no.
With a 9-to-5 job, you live working for others dreams and you sacrifice your sense of purpose and achievement. With such a job, all that concerns you is the payslip. These jobs have become more demanding and squeeze out every minute of your personal time. Spending quality time with the family becomes a luxury and following your passions/skills seem impossible.
You need to reinvent yourself in this new skilled economy. Your life has always been managed by others, now you need to reclaim full control of your life.
Here are some tips.
– Be clear with your monetary goals and personal life.
– Explore your passions and identify skills that help you earn income
– A simple secret of growing rich is to have multiple sources of income. Diversify your skills
– To help reach your goals, you need to be aware of the exact steps in the Internet economy. You can get started in understanding the basics of Internet economy.
The world has changed and evidently, the 9-to-5 job is no more relevant. According to the recent statistics in the United States, over 34% of working population have adopted Self-employment. However, for most of you, it may seem infeasible. My suggestion is to get started with a 9-5 job so that you have a stable source of income for few years. Meanwhile, develop your skills that interest you and work on side gigs. When you start earning consistent income from your side gigs, quit your 9-to-5 job and just follow your passion.
It is easier said than done but this suggestion has been the beaten path for many hustlers including me.
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